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BCL saga, page-113

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goldscraper

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05/05/17

09:37

Post #: 24489741
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Originally posted by Walter123 ↑

Another article of similar vein in Mmegi today, not really anything new though some early paras are interesting...e.g. paras 3,4,5, 7 and 8.
This whole thing is like the "Death by a thousand cuts" torture.
Kebonang claims: "If a deal can be struck between the government and EIH, it will likely lead to the legal action falling away as Kebonang says government is willing to pay off Norilsk if a buyer is secured.
“If a deal can be struck and the money is enough, then the proceeds will be used to settle with Norilsk Nickel,” he added. These comments by the Minister are interesting as the Moscow article claimed Bots were going to sell BCL to EIH for "one dollar" and Bots govt would pay all BCL's debts, and that if the economics made it impossible for EIH to reopen the mines that would be permitted, according to the Moscow article:.... " The MoU between Mangoosh and Kebonang – revealed now for the first time — promised that EIH could buy BCL for one dollar while the Botswana Government would pay BCL’s multi-million dollar liabilities. Also in the memorandum EIH reserved the right not to restart the mine if it decided there was insufficient profitability, while it could exercise the option to sell BCL’s assets to others. Six months after the court hearing put a stop to the Russian deal, and two months after the MoU, Smith was fired by Kebonang for his opposition to the terms the government had agreed for the Mangoosh-EIH deal." To me as a layman it is difficult to scrape any sense out of all these manouvres which seem to be moving from the sublime to the ridiculous.
I would have thought if there was any sense in the Moscow claims the only real benefit for the Bots govt would come if the mines were reopened to get the unemployed off the streets and back in work, particularly - as GS notes - they have elections just round the corner as well as selection of a new president (maybe).

The webs being woven here just seem endless.

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Welcome to doing business in Africa. Or any other spec, for that matter.
Believe nothing of what you hear, and half of what you see, and ensure you have a second look at the good half.

BML Price at posting: 0.2¢ Sentiment: Hold Disclosure: Held
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BCL saga, page-113

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